Earlier on Thursday, the 6th of February 2020, a representative of Chinese Commerce Department said that the world’s second-largest economy, China, had halved additional tariffs on more than 1,717 US goods in January following signing off of the Sino-US ‘Phase One’ trade deal that eased trade torments for millions of investors across the globe who had been caught between the devil and the deep blue sea since mid-2018.
On top of that, although Thursday’s (February 6th) announcement of the Chinese Commerce Department came forth a resounding response to US commitment under the “Phase One” trade deal, the move had also been contemplated as an austerity measure of China seeking to boost up domestic business morale amid a virus epidemic that battered investors’ sentiment and disrupted supply chains at a swathe of segments.
Aside from that, following Thursday’s (February 6th) announcement, a number of Chinese local newspapers had headlined that Beijing might pursue a disaster-related clause in the “Phase One” trade deal which in effect would allow China to avoid consequences if it could not meet the agreed purchases of US goods and services by end-2020.
Meanwhile, welcoming China’s decision to slash added levies on some US imports, US Treasury’s Steven Mnuchin said in an interview with Fox Business Network late on Thursday (February 6th), “We’re monitoring the virus carefully.
But based on current information, I don’t expect there will be any issues in them fulfilling their commitments. ”